Egypt and Uzbekistan will establish a joint business council, with the aim of studying investment opportunities in both countries, Minister of Industry and Foreign Trade Tarek Kabil said Sunday.

In a meeting with Uzbekistani ambassador in Cairo Usmanov Oybek, Kabil said that the trade volume between both countries amounted to $1.5 million in 2016.

Uzbekistan ranks 111 in terms of investments volume, which reached $670,000 through 13 companies, Kabil said, calling on Uzbekistani investors to participate in the available investment opportunities in Egypt.

“The investors can benefit from the huge incentives offered to foreign investors through a network of free trade agreements signed with a number of countries and economic blocs,” Kabil said.

Oybek also expressed his country’s willingness to boost economic relations with Egypt, due to being “one of the most important countries in the Middle East and Africa, “according to the statement.